Bangalore, Sep 1 - Defying the global meltdown, Karnataka earned $17 billion (Rs.74,929 crore) from software exports last fiscal (2008-09) as against Rs.60,800 crore the previous year, registering a 23 percent growth in rupee terms and 21.5 percent in dollar terms.

'The export performance of the IT industry in the state, especially Bangalore, demonstrates the knowledge sector remains unaffected by the global meltdown and decline in IT spending overseas,' state Information Minister Katta Subbramanya Naidu told reporters here.

As India's tech hub, Bangalore accounted for Rs.72,506 crore or 97 percent of the state's total exports, while the remaining Rs.2,423 crore are from tier-two cities such as Mysore, Mangalore and Hubli-Dharwad, registering 45 percent year-on-year (YoY) growth.

India's combined software exports -- spanning services, products and business process outsourcing (BPO) -- grew 21 percent to $50 billion (Rs.2.22 trillion) as against $41 billion (Rs.1.84 trillion) in 2007-08.

Karnataka accounted for 34 percent of the country's total software exports last fiscal.

'The growth is substantial especially in the current economic scenario.